7/05/2009

Venezuela's Chavez moves to take control of country's banking system

How many banks say that they "favor" certain sectors of the economy? Possibly banks could say that they have expertise in certain sectors, but saying that they "favor" sectors is quite different.

President Hugo Chavez's government assumed control of Venezuela's third-largest bank on Friday - making the state the largest player in the nation's banking system. . . .The acquisition will "strengthen the public banking system," which favors sectors including agriculture, energy, housing and tourism, Finance Minister Ali Rodriguez said in a statement. . . . .